New Consumer Financial Advocate Meets with CUNA (Misc News: September 22, 2010)
Elizabeth Warren, the new consumer advocate appointed by President Obama, met with the head of CUNA on just her second day on the job.
Warren, a professor of law at Harvard University, was appointed special assistant to Treasury Secretary Timothy Geitner and is tasked with helping to establish the new Consumer Financial Protection Bureau.
In his meeting with Warren, CUNA President/CEO Bill Cheney emphasized that CUNA's key objective in working with the new agency will be to minimize credit unions' regulatory burdens, costs and requirements. Warren said she welcomed CUNA's commentary on how consumer financial regulations can be improved and how consumer financial disclosures can be pared down. Warren also noted that improving the transparency and consumer-friendliness of many financial products would benefit credit unions, as they already lead their competitors in these core areas.
"If things work out right, consumers and credit unions should be on the same side of the line," Warren told attendees of NAFCU's annual Congressional Caucus, according to CU Journal.
Cheney urged Warren to include credit union leaders as part of the CFPB's developing Consumer Advisory Board.
The CFPB earlier this week announced that NCUA and other financial regulators will be required to transfer functions and authorities regarding consumer financial laws to the CFPB by July 21, 2011.
Warren, who has a long history opposing credit unions during the 10-year fight over the credit union-backed bankruptcy reform bill, sought to assure credit union leaders of her support, noting she and her family are long-time members of credit unions.
Despite assurances, credit union leaders remain wary.
"This is just another layer of bureaucracy," said Jim Tyslenka, a director of CP FCU, in Jackson, Mich. ”We just don't need that sort of thing."
Click here to read the full story at CU Journal.
Click here to read the CUNA statement.
Click here to read Bloomberg's story.